A Legendary Yacht Race Powered
By Champagne and Caviar

By

G. Bruce Knecht

Updated May 3, 2002 12:01 a.m. ET

The history of rich men and their nautical extravagances is long and colorful. Egyptian pharaohs built luxurious yachts for cruising the Nile. Several of today's richest men are spending tens of millions of dollars to prepare for the next America's Cup, which takes place in New Zealand early next year.

But the most remarkable convergence of wealth and vessels occurred in the U.S. about a century ago. In 1900, before the imposition of income or inheritance taxes, members of the New York Yacht Club owned 47 yachts that were...